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Ethereum Price Analysis: ETH/USD fails to clear 1-hour SMA100; upside trend line still intact

  • ETH/USD resumed the decline after a failed attempt t move above SMA100 on 1-hour chart.
  • The critical support is created by the upside-looking trend line.
Ethereum Price Analysis: ETH/USD fails to clear 1-hour SMA100; upside trend line still intact
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

ETH/USD is changing hands at $203.30. The second-largest digital asset has recovered from the intraday low of $201.35, though it is still 1.7% lower from the beginning of the day. Ethereum is moving within a short-term bearish trend amid decreasing volatility. The coin’s market capitalization is registered at $22 billion, while an average daily trading volume is set at $20 billion.

ETH/USD: Technical picture

On the intraday charts, ETH/USD failed to clear the resistance created by 1-hour SMA100 on approach to $210.00. After several attempts, the price resumed the decline towards SMA50 at $206.00. A sustainable move below this barrier increased the downside pressure. Now this line serves as initial resistance. However, only a move above $210-$212 area will allow for the upside to gain traction and bring the longer-term barrier $220.00 back into focus.

On the downside, the local support is created by the intraday low on approach to $203.00. It is closely followed by psychological $200.00 and the upside trend line at $195.00. This the pivotal level that separates the natural correction from the resumed downside trend.

ETH/USD 1-hour chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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